Kupinsky's Reason To Sell Some members continue to express concern, by the sale of Mr. Kupinsky's non core holdings. Let me try again to explain again why it's a non issue for me.
First of all, we need to recognize who Jordan Kupinsky is and understand that Concordia is not his only gig. Kupinsky has his hands in a multitude of projects and companies.
He sits on numerous boards, runs a merchant bank Windsor Private Capital, is a Lead Independent Director at Concordia Healthcare Corp., a Managing Director at Windsor Bancorp, Inc., President at JJR Pvt Capital, Inc. and Chairman at Perk.com, Inc. In addition Kupinsky is on the Board of Directors at Mira VII Acquisition Corp and Atlas Financial Holdings, Inc. just to name a few.
In the past Mr. Kupinsky was employed as Independent Director by Xceed Mortgage Corp., Independent Director by WB II Acquisition Corp., Independent Director by Ferrum Americas Mining, Inc., a Managing Director by Windsor Private Capital, Inc., Independent Director by J5 Acquisition Corp., Vice President by Greenhill & Co., Inc., Vice President-Corporate Development by Minacs Worldwide, Inc., and Associate-Investment Banking by Houlihan Lokey Howard & Zukin, Inc.
He also served on the board at Mira VI Acquisition Corp., Mira IV Acquisition Corp., WB III Acquisition Corp., Mira II Acquisition Corp., RAP Acquisition Corp., JJR VI Acquisition Corp. and JJR II Acquisition, Inc. He received his graduate degree from Osgoode Hall Law School and an MBA from The Schulich School of Business.
By now, hopefully you're starting to get the idea that Kupinsky's life revolves around M&A activity, global investment banking, merchant banking, venture capital, mortgages, creating, restructuring and funding shell holding companies that acquire startups such as CXR in 2013. He surrounds himself with none other than Ron Schmeichel. Together they have been involved in countless transactions. Each of these transactions garners him hundreds of thousands if not millions of shares, options, warrants etc.
So, why would anyone begrudge him for selling 100,000 shares in CXR, that he picked up for $3.00? After all he continues to hold over 800,000 CXR shares that he picked up for a dime. Do you expect him to keep every share for ever? Is he not entitled to take 10% of the table so he could perhaps roll that cash into another startup that has potential? After all that is what he does, it is his job to fund new startups that require capital. I for one, am happy, thrilled and very fortunate to be an investor in Kupinsky's and Schmeichel's recent blind shell, through JJR Capital. I have no idea who they will acquire but this management has a solid track record, and it doesn't get any better then getting into the elevator in the basement.
So let's not get too exited by Kupinsky's sale of 100,000 shares of a non core position. I wouldn't think it has anything to do with the prospects of CXR. I have no issue if M. Thompson or any insider sells some shares as well. These people have earned it and this is their reward. They too should not be expected to keep their shares for eternity. How else would they be able to fund their summer homes, cars and lifestyles. After all, to insiders shares are a renewable resource, and they can always issue themselves more options.
Instead, let's acknowledge that CEO Thompson is holding over 2M shares to which he added recently.